Residential

The average price for a freehold-class property in Ottawa was $676,272 in January, the board said, down 12 per cent from a year earlier.

CEO Mark Kenney said the capital will “likely be an active market” for CAPREIT as it continues to pursue its strategy of buying into new construction projects.

The Canada Mortgage and Housing Corp. says the city's vacancy rate for purpose-built housing dropped to 2.1 per cent last year, down from 3.4 per cent in 2021, due to “strong demographic and economic fundamental conditions.”

As municipal leaders brainstorm new ways to revitalize Ottawa’s downtown in a post-pandemic world, real estate insiders say making the office-to-residential conversion process easier by cutting red tape at city hall should be right at the top of their agenda.

Minto has named Jonathan Li, who is currently the REIT’s president and chief operating officer, as Waters' replacement.

The Canadian Real Estate Association expects home sales to edge down less than one per cent and prices to fall almost six per cent from 2022, which ended with the market in a sluggish state as sellers and buyers sat on the sidelines.

Sales of homes worth at least $1 million rose in Ottawa last year even as overall transactions...

Group Oradev recently filed a development application that calls for the industrial building and attached three-storey office complex that currently occupy 400 Coventry Rd. to be torn down and replaced with seven highrises ranging from 18 to 30 storeys. 

The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability level since the late 80s and early 90s.

Overall, home sales in Ottawa fell 25 per cent in 2022 from the previous year, with a total of 15,288 properties changing hands, compared with 20,289 in 2021.